US Lawmakers Demand Crypto Giants Binance and Tether to Face Probe for Financing Terrorists
US senator Cynthia Lummis and another prominent figure from the republican party, French Hill, have formally called for an investigation into the activities of cryptocurrency exchange Binance and the stablecoin Tether in relation to potential links with recent cases of terrorism financing.
In a letter addressed to the U.S. Department of Justice (DoJ), Senator Lummis and Representative Hill requested that the DoJ thoroughly assess whether Binance and Tether have provided support or resources that may have facilitated terrorism activities.
They also urged the DoJ to conclude its investigation and make a determination regarding potential criminal charges against Binance and Tether in connection with the attacks launched on Israel by the Hamas-linked military group.
It’s worth noting that Binance previously announced the suspension of over 100 accounts allegedly associated with the Hamas military group, and Tether claimed to have blocked digital assets totaling over $873,000. These actions suggest cooperation with law enforcement agencies in combatting cryptocurrency-based terrorism financing.
Hamas recently conducted an attack against Israel, and evidence indicates that the group received funding through cryptocurrencies.
The lawmakers’ letter to Attorney General Merrick Garland argued that “Hamas, Palestinian Islamic Jihad, and Hezbollah have received funding through crypto assets since August 2021,” although subsequent reports have cast doubt on the accuracy of the funding levels mentioned in the article.
READ MORE: Coinbase Scores Victory for Oral Arguments in SEC Clash
The request for the prosecution of Tether and Binance is significant as it comes from two prominent officials who have advocated for cryptocurrency regulation.
Additionally, they are not the only lawmakers expressing concern over cryptocurrency’s potential role in terrorism financing, as a bipartisan group of 105 lawmakers recently urged the White House to take measures to prevent the use of crypto by Hamas and the Palestinian Islamic Jihad.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
